Hello K., I was faced with some of this too. I have already raised one who is now 24 in April and worked a lot of hours to get her there ~ financially. Now I just had my little one who is 15 months. I stayed home for 6 months and loved it, yet hated it. I loved staying home with her, but had some trouble with a set schedule. I found myself getting up late and staying in pajamas until noon. Not a big problem, however it bothered me. I am used to working a job +. I have always worked and gone to school and always kept busy.
I looked at staying home with my little one, but I make decent money and get excellent benefits. I have a photography business on the side, however do not want it to turn into work so that I hate doing it or have to go shoot for anything else but my enjoyment. I looked into insurance, which was outrageous compared to what my job pays.
So, I looked at our current lifestyle, what I make, what my husband makes, the benefits I earn (which my husband doesn't) and decided if I could just kinda lay low and bring home a paycheck it is not so bad. So, I have decided to stay and I don't mind so much. I earn 3 weeks vacation per year and just schedule a day off here and there so it doesn't become so overwhelming.
College is very expensive! I have already put the first one through it and we had to pay tuition, books, car note, rent, and groceries for her to go to school in LA. She went to FIDM and they do not have dorms or a food program. We just recently put some money away for the 15 month old to start her college tuition and our agent informed us we should plan on $300,000. On that note...I decided I had to start enjoying my job. I have worked for the county for 9 years and plan on working another 11.
Hopefully your job is not to stressful and you still have the energy to enjoy your little one after a full day of work.
It is confusing and a tough decision to make, but I think you just have to see what you are willing to give up and accept. Kids are fine either way.